RIL, BP and NIKO Announce a Significant Gas Condensate Discovery in Deepwater KG D6 Block, Offshore India

RIL, BP and NIKO Announce a Significant Gas Condensate Discovery in Deepwater 
KG D6 Block, Offshore India 
CALGARY, ALBERTA -- (Marketwired) -- 05/24/13 -- Reliance Industries
Limited (RIL) and its partners BP and NIKO (TSX:NKO) today announced
a significant gas and condensate discovery in the KG D6 block off the
eastern coast of India. 
The KGD6-MJ1 well was drilled in a water depth of 1,024 metres - and
to a total depth of 4,509 metres - to explore the prospectivity of a
Mesozoic Synrift Clastic reservoir lying over 2,000 metres below the
already producing reservoirs in the D1-D3 gas fields.  
Formation evaluation indicates a gross gas and condensate column in
the well of about 155 metres in the Mesozoic reservoirs. In the drill
stem test, the well flowed 30.6 million standard cubic feet per day
(mmscfd) and liquid rate of 2,121 barrels a day with a choke of
36/64" with a flowing bottom hole pressure of 8461 psia suggesting
good flow potential. Well flow rates during such tests are limited by
the rig and well test equipment configuration. 
The discovery, named 'D-55', has been notified to the Government of
India (GoI) and the Management Committee of the block. This discovery
is expected to add to the hydrocarbon resources in the KG D6 block.
Appraisal will now commence to better define the scale and quality of
the field.  
Expressing happiness at the discovery encountered through this well,
PMS Prasad, Executive Director, Reliance Industries Limited, stated:
"This is a successful outcome of the combined exploration efforts of
the Joint Venture partners with the active support of the GoI. We
shall embark on the appraisal program in the next few months in order
to evaluate the options for developing this discovery." 
Dr. Mike Daly, Executive Vice President Exploration at BP, commented:
"The discovery demonstrates the effective technical co-operation
between the partners, allowing us to make a new and significant
discovery within KG D6. It follows an 18 month drilling time-out and
detailed geoscience work that has re-focused our India exploration
program and delivered this early success." 
Mr. Edward Sampson, Chairman, President and CEO of Niko Resources
Ltd. Stated: "We congratulate our partners and the Government of
India as co-operation in an event like this shows what good can be
created for the energy sector and most importantly, for the people of
India." 
RIL is the operator of KG D6 with 60% equity. BP has a 30% share and
NIKO the remaining 10%. 
Forward-Looking Information  
Certain statements in this press release constitute forward-looking
information. Specifically, this press release contains
forward-looking information relating to appraisal of the MJ field and
additions to the hydrocarbon resources in the KG-D6 block. Statements
regarding "resources" are deemed to be forward-looking information,
as they involve the implied assessment, based on certain estimates
and assumptions, that the resources described exist in the quantities
predicted or estimated. Forward-looking statements are based on
certain key expectations and assumptions, including geological
interpretation of oil and gas deposits, evaluation of analogous
information and anticipated drilling conditions. The reader is
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be incorrect. Actual results may vary from
the information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors and such variations
may be material. Such factors include, but are not limited to: risks
associated with oil and gas operations including equipment failures
or accidents; the ability of suppliers and third party contractors to
meet commitments; pressure or irregularities in geological
formations; adverse weather conditions; uncertainties regarding
estimates of resources; changes in the availability of capital; and
risks in conducting foreign operations, including political and
fiscal instability and the possibility of civil unrest or military
action. Niko makes no representation that the actual results achieved
during the forecast period will be the same in whole or in part as
those forecast.
Contacts:
BP press office
London: +44 (0)20 7496 4076
bppress@bp.com 
BP press office
New Delhi: +91 11 4375 5000
narayani.mahil@bp.com 
Reliance Press Office
B. Srinivasan
Mumbai: +91 22 22785437 
Niko Resources Ltd.
Edward S. Sampson
Chairman of the Board, President & CEO
+1 (403) 262-1020 
Niko Resources Ltd.
Glen Valk
Vice President Finance & CFO
+1 (403) 262-1020
 
 
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